Bank of New York Mellon Corp Has $142.96 Million Stock Position in Ovintiv Inc. (NYSE:OVV)

Bank of New York Mellon Corp lessened its holdings in Ovintiv Inc. (NYSE:OVV) by 2.7% in the second quarter, HoldingsChannel reports. The fund owned 3,050,121 shares of the company’s stock after selling 84,410 shares during the period. Bank of New York Mellon Corp’s holdings in Ovintiv were worth $142,959,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of OVV. Westfield Capital Management Co. LP boosted its holdings in Ovintiv by 3.2% in the 4th quarter. Westfield Capital Management Co. LP now owns 1,447,248 shares of the company’s stock valued at $63,563,000 after purchasing an additional 44,241 shares during the period. TD Asset Management Inc grew its position in Ovintiv by 176.3% during the fourth quarter. TD Asset Management Inc now owns 46,149 shares of the company’s stock worth $2,027,000 after buying an additional 29,449 shares in the last quarter. Wedge Capital Management L L P NC increased its stake in Ovintiv by 25.0% during the 2nd quarter. Wedge Capital Management L L P NC now owns 535,304 shares of the company’s stock worth $25,090,000 after acquiring an additional 106,900 shares during the period. International Assets Investment Management LLC raised its holdings in Ovintiv by 1,202.0% in the 4th quarter. International Assets Investment Management LLC now owns 13,879 shares of the company’s stock valued at $610,000 after acquiring an additional 12,813 shares in the last quarter. Finally, FORA Capital LLC acquired a new stake in shares of Ovintiv during the 1st quarter worth $4,244,000. 83.81% of the stock is owned by institutional investors.

Ovintiv Trading Up 1.4 %

NYSE:OVV opened at $43.95 on Tuesday. Ovintiv Inc. has a one year low of $38.99 and a one year high of $55.95. The company has a market cap of $11.73 billion, a PE ratio of 6.14, a PEG ratio of 7.10 and a beta of 2.63. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.44 and a quick ratio of 0.44. The firm has a 50-day moving average of $45.33 and a 200-day moving average of $48.26.

Ovintiv (NYSE:OVV) last posted its earnings results on Tuesday, July 30th. The company reported $1.24 EPS for the quarter, topping the consensus estimate of $1.22 by $0.02. Ovintiv had a net margin of 18.56% and a return on equity of 18.28%. As a group, equities research analysts expect that Ovintiv Inc. will post 5.69 EPS for the current fiscal year.

Ovintiv Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 13th will be given a $0.30 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $1.20 annualized dividend and a yield of 2.73%. Ovintiv’s dividend payout ratio is currently 16.76%.

Insider Buying and Selling at Ovintiv

In other news, Director Howard John Mayson sold 4,000 shares of Ovintiv stock in a transaction on Friday, May 31st. The stock was sold at an average price of $51.14, for a total transaction of $204,560.00. Following the sale, the director now directly owns 45,279 shares in the company, valued at approximately $2,315,568.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 1.70% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on OVV. Royal Bank of Canada cut their price objective on shares of Ovintiv from $62.00 to $61.00 and set a “sector perform” rating for the company in a research report on Thursday, August 1st. Scotiabank boosted their price objective on shares of Ovintiv from $58.00 to $60.00 and gave the company a “sector outperform” rating in a research report on Friday, July 12th. Wells Fargo & Company decreased their price target on Ovintiv from $52.00 to $51.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 1st. TD Cowen boosted their target price on Ovintiv from $64.00 to $66.00 and gave the stock a “buy” rating in a research note on Monday, June 10th. Finally, Bank of America restated a “neutral” rating and issued a $55.00 price target on shares of Ovintiv in a research note on Friday, June 14th. Five analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Ovintiv presently has an average rating of “Moderate Buy” and an average price target of $60.56.

Ovintiv Profile

Ovintiv Inc, together with its subsidiaries, explores, develops, produces, and markets natural gas, oil, and natural gas liquids in the United States and Canada. The company operates through USA Operations, Canadian Operations, and Market Optimization segments. Its principal assets include Permian in west Texas and Anadarko in west-central Oklahoma; and Montney in northeast British Columbia and northwest Alberta.